EuropeanMediaAndrewRoss,CFA+44(0)2077733023andrew.ross2@barclays.comBarclays,UKEuropeanSoftware&ITServicesGerardusVos+44(0)2031346690gerardus.vos@barclays.comBarclays,UKU.S.InternetDeepakMathivanan+14152745351deepak.mathivanan@barclays.comBCI,USRossSandler+14152634470ross.sandler@barclays.comBCI,USGregoryZhao+12125262268gregory.x.zhao@barclays.comBCI,USUKMid&SmallCapLeisure/ConsumerRichardTaylor+44(0)2035552650richard.e.taylor@barclays.comBarclays,UKEquityResearch16February2018BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.Thisresearchreporthasbeenpreparedinwholeorinpartbyequityres